By Chioma Iruke
Data obtained from the National Bureau of Statistics (NBS) has shown that Nigeria recorded a trade deficit of N1.87trn in the first half of the year.
This figure was contained in the Foreign Trade Statistics report released on Saturday.
According to the report, total merchandise trade during the period stood at 12.03trn, indicating a N2.27trn or 23.28 percent increase when compared to the amount recorded in Q1 2021.
The aggregate trade of N12.03trn comprises of N6.95tn of imports and N5.08trn of exports, resulting in a trade deficit of N1.87trn.
The report read, “During quarter2, 2021 the total merchandise trade stood at N12,029trn representing 23.28 per cent increase over the value (N9.75trn) recorded in Q1,2021 and 88.71 per cent increase compared to Q2,2020.
“This increase resulted from the sharp increase in export value during the quarter under review. The export component of this trade was valued at N5.07trn or 42.22 per cent, the import was valued at N6.95tn or 57.78 per cent while the trade balance stood at a deficit of N1.87trn.”
It stated that crude oil was the major component of export trade during the period, contributing N4.07trn or 80.29 per cent of total export.
“This further shows a sharp increase of 111.32 per cent in Crude oil value in Q2, 2021 compared to (N1.92tn) recorded in Q1,2021 while the Non-crude oil export recorded N1001.23bn or 19.71per cent of total export trade during Q2,2021,” it added.
The lastest trade report by the NBS shows that in the first half of the year, trade deficit stood at N5.81trn.
